CBIC: Rs 1,12,000 crore paid as IGST refunds to exporters
* Central Board of Indirect Taxes and Customs, CBIC has said that over 1,12,000 crore rupees have been paid as Integrated Goods and Services Tax-IGST refunds to exporters.
* In a statement, CBIC said, over 83,000 exporters have been benefited by these refunds. It said, this shows the government’s efforts to fast track refunds under GST especially to exporters. As of now, refunds of only 3,604 crores are pending with Customs.
* CBIC is using data analytics to identify risky exporter entities that “take input tax credit fraudulently and monetize it by paying IGST and taking refund”. Such exporters are being subject to KYC and verification process before the grant of refund.
IOA withdraws threat to boycott 2022 Birmingham Commonwealth Games
* The Indian Olympic Association withdrew its threat to boycott the 2022 Commonwealth Games in Birmingham over shooting’s exclusion while announcing that the country will bid to host either the 2026 or the 2030 edition.
* The country’s apex body for Olympic sports will next approach the government for the necessary clearances to host the multi-sport event. The country hosted the 2010 edition in the national capital.
* This was decided during the IOA’s Annual general Meeting (AGM) in New Delhi.
Lt. General Mukund Naravane takes charge as new Army chief
* General Manoj Mukund Naravane took over as the 28th Chief of Army Staff, helming the 1.3 million-strong force at a time India faces evolving security challenges such as cross-border terrorism and an assertive Chinese military along the border.
* General Naravane, who was serving as vice chief of the Army, succeeds Gen Bipin Rawat, appointed the country’s first Chief of Defence Staff, a post created to bring in operational convergence among the three services.
* General Mukund Naravane is an alumnus of the National Defence Academy and the Indian Military Academy. He was commissioned into the 7th battalion, the Sikh Light Infantry Regiment in June 1980.